Shit yeah, it's time. Thats about where I was at when I got into gear. My only regret is that I did not get properly fitted gear at first (wasn't tight enough). I would recommend getting into gear that matches with your competition preferences- i.e. if you want to lift in USPF or AAU, get single ply gear, if you want to lift in a multi-ply fed, get multi-ply gear. Buy good, well-fitted gear if you have the money. Hand-me-downs will work in a pinch, but usually you end up wearing soemthign that's too big.
As for getting into too much gear, I wouldn't sweat it too much. Err on the side of support. The reason for this is two-fold. Gettign down in extrememly supportive gear is a function of technique and adding more weight. Your technique in gear will improve rapidly as will your comfort with using heavy weights if you train in gear a lot.
Also, gear stretches. Several times, I have opened a package from Inzer, Elite, etc., held up the shirt or briefs and said to myself "no fucking way". Yet- a few workouts later, I was getting the weight down.
I would go with a stock two-ply poly suit- a Boss, T-Rex, or Metal. Briefs are optional, even if you don't use these with your suit, they're nice to have for training. Adjustable straps will provide a lot of leeway in terms of support. For a shirt, most two-ply shirts will be fine. Some of the multi-ply shirts are legendarily difficult to use (i.e. Rage X, Katana) but that is largely a matter of technique and practice.